January 15, 2009, 10:47AM

WASHINGTON -- President elect-Barack Obama's choice to head the Securities and Exchange Commission promised Thursday to act aggressively to revitalize the embattled agency's enforcement efforts. With investor confidence shaken in the financial crisis, Mary Schapiro said the SEC must be given the resources it needs to investigate and pursue "those who cut corners, cheat investors and break the law."... Full story »

January 15, 2009, 10:41AM

WASHINGTON -- The federal government is considering a fresh multibillion-dollar aid package for Bank of America Corp. to help it absorb losses at Merrill Lynch. A person with knowledge of the discussions said Thursday the new aid package could be modeled along the lines of the financial lifeline that was thrown to Citigroup Inc. in November. The person spoke... Full story »

January 14, 2009, 5:53PM

The Internal Revenue Service kicks off its experiment with free online tax return filing for everyone on Friday. And if the agency likes the way things go, it could be the first step toward the IRS offering tax-preparation software like TurboTax. The IRS test, announced last week, is prompting several tax software companies not to charge extra for e-filing... Full story »

January 14, 2009, 4:08PM

Updated at 6:12 p.m. NEW YORK -- Volatility is reasserting itself in the stock market. A darkening outlook for companies from banks to retailers to energy producers pummeled Wall Street Wednesday, sending the Dow Jones industrials down nearly 250 points, or 2.94 percent, and giving the other major indexes a loss of more than 3 percent. The plunge leaves... Full story »

January 14, 2009, 3:35PM

NEW YORK -- A top Lehman Brothers executive said Wednesday that the company's bankruptcy case could be wrapped up within two years. Restructuring expert Bryan Marsal, who replaced Lehman's longtime chief executive Richard Fuld at the end of 2008, told a bankruptcy judge that liquidators could finish their work of winding down Lehman within 18 to 24 months. Lehman --... Full story »

January 14, 2009, 2:22PM

"Overall economic activity continued to weaken across almost all of the Federal Reserve's districts," the Fed's latest report said. Even upscale retailers like Tiffany were feeling the pinch, and many manufacturers in Cleveland and elsewhere planned to cut spending on long-term needs. Full story »

January 13, 2009, 4:13PM

Updated at 4:33 p.m. NEW YORK -- Wall Street's growing angst about company earnings gave stocks a mixed finish Tuesday, with the Dow Jones industrials suffering their fifth straight loss. The broader market indicators closed modestly higher. The concern on the Street is that the recession will have a more severe impact on profits than investors have been anticipating.... Full story »

January 13, 2009, 12:11PM

WASHINGTON -- President-elect Barack Obama's pick to run the White House budget office says the U.S. will likely have bruising budget deficits over the next decade. Peter Orszag testified at his confirmation hearing Tuesday that he expects budget deficits equaling 5 percent of the size of the economy for the next five or 10 years. That's a significant jump... Full story »

January 13, 2009, 11:57AM

NEW YORK -- The world's biggest drug company is laying off up to 800 research scientists and expects to reduce its research staff by 5 percent to 8 percent this year. Tuesday's move by New York-based Pfizer comes after the company narrowed its research focus and reorganized its business units last fall. Looming patent expirations threaten to wipe out much... Full story »

January 13, 2009, 11:55AM

DES MOINES, Iowa -- Dutch bank and insurance company ING Group NV said it will cut 750 jobs in the United States, about 7 percent of the company's U.S. work force. Affected employees are being told this week of the layoffs, which will be completed by the end of the first quarter, ING spokesman Dana Ripley said. "ING regrets having... Full story »

January 13, 2009, 10:16AM

Updated at 4:38 p.m. The board of directors of American Greetings Corp. have authorized the company to buy back up to $75 million worth of Class A common shares. The shares will be repurchased via the open market or privately negotiated transactions, subject to legal requirements and other factors, under a program that has no expiration date. The Brooklyn-based maker... Full story »

January 13, 2009, 8:58AM

WASHINGTON -- The trade deficit plunged to the lowest level in five years in November as a deepening recession slashed demand for oil by a record amount. Imports from China also fell by the largest amount on record. The Commerce Department said Tuesday that the trade deficit narrowed to $40.4 billion in November, a 28.7 percent decline from October's deficit... Full story »

January 13, 2009, 8:51AM

Updated at 12:27 p.m. LONDON -- A mammoth stimulus package being crafted by President-elect Barack Obama could give the economy a much-needed lift, but other steps must be taken to bolster the wobbly financial system and for any recovery to stick, Federal Reserve Chairman Ben Bernanke said Tuesday. Specifically, Bernanke suggested the government inject more money into banks. He... Full story »

January 12, 2009, 4:10PM

NEW YORK -- Wall Street extended last week's slide Monday as investors worried that the quarterly results companies begin releasing this week will signal the economy is in worse shape than feared. Oil prices helped fuel the pessimism, tumbling 8 percent to a new low for the year as investors bet economic weakness would curb demand. Wall Street normally... Full story »

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